Formula One’s massive profits revealed

A new report about the finances of Formula One motor racing has revealed the soaring profits generated by its owners.

The Formula Money report comes amid speculation that potential bidders are poised to make an offer for F1’s holding company.

The report shows that F1’s holding company, Jersey-based Delta Topco, made net profits in 2010 of $137.1m, and revenues of $1.6bn last year.

Last year the race teams were paid a total of $658m by the group.

CVC, which now owns 63.4 percent Delta Topco, made $87m from the sport in 2010, according to the report. And it brings to $800.8m the profits CVC has made in the five years since it paid $1.7bn for 69.6 percent of the group in 2006, according to Formula Money.

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The remaining $50m in profits were shared between investment banks and individuals who own the rest of Delta Topco, including Sir Martin Sorrell, boss of advertising giant WPP.